GTC’s adjusted EBITDA was €24 million in Q1 2023 (€26 million in Q1 2022), while net profit amounted to €12 million in Q1 2023 (€15 million in Q1 2022). The decrease mainly resulted from lower gross margin from operations and loss from revaluation, partially offset by lower finance costs and foreign exchange gain.
Q1 2023 financial highlights
- Revenues from rental activity at €43 million in Q1 2023 (€42 million in Q1 2022)
- Gross margin from rental activity at €30 million in Q1 2023 (€30 million in Q1 2022)
- FFO I at €16 million in Q1 2023 (€16 million in Q1 2022), FFO per share at €0.03
- Adjusted EBITDA was €24 million (€26 million in Q1 2022)
- Net profit at €12 million (€15 million in Q1 2022)
- Strong cash position of €147 million as of 31 March 2023 and available undrawn credit facility in the amount of €94 million
Q1 2023 portfolio highlights
- Occupancy at 87% as of 31 March 2023 (88% as of 31 December 2022)
- Office leasing activity reached 20,700 sqm in Q1 2023 (25,600 sqm in Q1 2022)
- Retail leasing activity reached 3,500 sqm in Q1 2023 (8,800 sqm in Q1 2022)
- Average weighted lease term at 3.6 years
- 86% of assets are green certified, 13% are under the certification process
- Disposal of Forest Offices Debrecen closed in January 2023
Corporate news
- GTC recommends to the AGM to keep the profit for 2023 in the Company to finance capital expenditures and investments that may provide measurable benefits to the shareholders
- GTC management will seek authorization for a shares buyback for up to 15% of the share capital
“We are observing the markets closely and constantly looking for opportunities to grow our business adjusting it to changing environment and market trends. We recommended to the Shareholders Meeting to keep the profits in the Company to fund future investments and capital expenditures to prepare our properties for increasing tenants’ demand, especially in the field of sustainability. In parallel, we are also seeking authorization of the shares buyback as an alternative way to return capital investment to shareholders. With such flexibility granted, the Company will be able to react to dynamically changing market conditions and manage its future financial position,” commented Zoltán Fekete, GTC’s President of the Management Board.
